HONG KONG, June 2: Asian stocks closed mixed on Monday as concerns that high inflation would slow economic growth tarnished a spate of data showing stronger than expected regional expansion in the first quarter.

Investors in Japan chose to look on the bright side, sending the Tokyo bourse up 0.71 per cent to its best close for almost five months.

Hong Kong and Taiwan ended the day more than one per cent up and China rose, but Australia closed little changed while South Korea and Singapore ended in the red. India tumbled more than two per cent.

Among smaller markets, Thailand slumped nearly three per cent on political worries as small anti-government protests carried on a ninth day on Monday.

The protests are being spearheaded by royalist activists in the so-called People’s Alliance for Democracy.

TOKYO: Japanese share prices closed up 0.71 per cent at the highest level for almost five months as investors took heart from a stable yen and a recent drop in world oil prices, dealers said.

The benchmark Nikkei-225 index gained 101.60 points to end at 14,440.14, the best finish since January 9. The broader Topix index of all first-section shares added 16.96 points or 1.20 per cent to 1,425.10, its highest level of the year.

Fanuc rose 2.4 per cent to 11,720 yen, Honda Motor advanced 2.3 per cent to 3,610 yen and Canon gained 1.8 per cent to 5,790 yen.

HONG KONG: Hong Kong share prices closed up 1.22 per cent, dealers said.

The Hang Seng index closed up 298.24 points at 24,831.36 on turnover of 74.28 billion Hong Kong dollars (9.52 billion US).

Pang said that the index will likely rise above 25,000 by the second half of the month.

Sinopec rose 3.7 per cent to $8.15, offshore oil producer CNOOC added 3.5 per cent to $14.08, and PetroChina was up 2.1 per cent at $11.46.

China Mobile rose 2.5 per cent to 117.60 dollars. HSBC lost 0.23 per cent to $131.40. Hong Kong Exchanges and Clearing was up 3.51 per cent at 138.70 and Hutchison Whampoa lost 0.30 per cent to 84.10.

SYDNEY: The Australian share market closed little changed, dealers said.

The benchmark S&P/ASX 200 gained 7.6 points to close at 5,662.3, up 0.1 per cent, while the broader All Ordinaries gained 7.3 points to 5,781.2.

Turnover was 1.94 billion shares worth 5.72 billion dollars (5.44 billion US).

Support was tested due to bearish economic stats (statistics), but 5,600.0 held firm as Asian markets rallied, Patrick Crabb, head of sales trading at Goldman Sachs JBWere in Melbourne, told Dow Jones Newswires.

SINGAPORE: Singapore share prices closed 0.14 per cent lower, dealers said.

The blue chip Straits Times Index closed down 4.57 points at 3,188.05 on relatively thin volume of 1.5 billion shares.

A trader said investors are still “a tad cautious” despite a slight easing in global oil prices.

Neptune Orient Lines fell 5.7 per cent at 3.83 Singapore dollars.

KUALA LUMPUR: Malaysian share prices closed 1.1 per cent lower, dealers said.

The Kuala Lumpur Composite Index fell 13.88 points to 1,262.49.

In the absence of any positive catalysts, investors were only interested in locking-in profits and switching to cash, a dealer told told Dow Jones Newswires.

JAKARTA: Indonesian shares closed 0.7 per cent lower, dealers said.

The Jakarta Composite Index closed down 16.58 points at 2,427.77.

The government raised fuel prices by an average of 28.7 per cent on May 24 and inflation has hit double digits.

Telkom and coal giant Bumi Resources led the market’s fall. Telkom eased 1.9 per cent to 7,950 rupiah while Bumi fell 3.7 per cent to 7,750.

MUMBAI: Indian share prices closed 2.15 per cent lower, dealers said.

The benchmark Mumbai 30-share Sensex fell 352.39 points to 16,063.18.

The markets remain in the rising inflation and oil price grip. We could see a further correction in coming days, said a dealer with brokerage Jamnadas Morarjee.—AFP